The U.S. Department of Labor (DOL) recently released the final regulation defining “fiduciary,” which significantly expands the circumstances under which brokers, consultants, advisers and others become fiduciaries for purposes of ERISA and the prohibited transaction provisions of the Internal Revenue Code. The DOL also issued two new prohibited transaction exemptions and amended several other exemptions in order to permit sales of investment and insurance products to continue. However, the conditions of these exemptions will require meaningful changes to current business activities, and, as a result, application is delayed one year.
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|Beth J. Dickstein
+1 312 853 6093
Sidley Employee Benefits Practice
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